(305) 793-1365 restivomiami@gmail.com

Miami Real Estate Market – Foreclosures, Short Sales, Non-distressed Property

August 31, 2012

P R O P E R T Y   S E A R C H

R E S T I V O – H E C H T M A N    T E A M

In the past decade inventory of single-family homes hit it’s lowest point back in April 2005 – with only 2,778 properties listed for sale in Miami-Dade.

That number  skyrocketed to 17,070 three years later – in July 2008.  And then the numbers began to decline  ….  In May 2012 Miami had only 4,399 homes listed for sale  (giving us only a 4 month supply of inventory to work with).

Median prices declined  59% … after hitting their  peak in May 2007 … and are now roughly comparable to where they were  in May 2002.

Single family homes listed for sale in the $300,000- $999,000 range make up approximately 1/3 of our current inventory  (34%) … which translates to around 23% of all sales.

Homes priced from $1 million (and above) make up 21% of our currently available  inventory and approximately 6% of all sales.

If you’re wondering about the  percentage of the homes/condos listed for sale in Miami-Dade that are distressed property (short sales and foreclosures):  The answer is “about half” …  Half (of the single-family home sales in Miami-Dade) are distressed situations.  The other half are regular sales.   Foreclosure properties make up about 6% of the available inventory – and  one quarter of all sales.  Short sales account for another quarter of all property sales right now … and  23% of the available inventory.  We are seeing considerable more short sale listings ….  relatively few foreclosures.

Non-distressed property sales represent half the  current sales (49%)  and  71% of the current available inventory… There are alot of both distressed property and non-distressed property – priced well – which makes this a good time to buy.

Good news for sellers:   Single family home sales  increased by 20% in the second quarter of 2012.

Either way, if you are considering selling, or  buying ….  this is the time to sell … and to buy!  We can help you with both!  Call us at 305 793-1365 or 305 632-0164  The Restivo Team – EWM

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